Prospecting – Wealthy Clients Should Buy a Business in Florida

Wealthy Clients Should Buy a Business in Florida

Multiple purchases by past clients, advocates and spheres of influence are some of the most overlooked opportunities for real estate agents to generate business. This includes the opportunity for an agent to represent this group in the purchase of a business or business property.

There are numerous reasons why your good contacts should buy more real estate. Listed below are a number of examples:

Investment Preference – People that already own real estate have a pre-disposition for real property. They already like owning real estate. In some cases, they have a passion for real estate as an investment. Be sure to check how much real estate your contacts own. If it’s multiple properties, you should encourage them to buy more.
Income Diversification – Many groups, like doctors, need to diversify because of the decline in income that is occurring in their primary career. Consider The Affordable Care Act’s impact on income for doctors. This group is especially interested in finding new sources of revenue, and may be open to your suggestions.
Tax Savings – Many clients that live up north and like to vacation in Florida should also consider buying or starting a business in Florida or another resort area. All costs associated with running a business for profit can be deducted, even if the business loses money. These include flight costs, meals, entertainment, and other travel expenses. This is not the case if your client owns a second home where there are no tax write-offs. Both profit and tax deductions benefit owners.
Baby Steps Toward Retirement – If someone is thinking about eventually moving to Florida, but isn’t ready to retire yet, they can start a business or buy investment properties as a preliminary step to making the move to Florida or another resort area.
Return on Investment – Let’s not forget how profitable business ownership can be in highly desirable areas. Real estate in resort areas such as Florida and other coastal areas, offer attractive returns from both seasonal renting and appreciation.
Use & Enjoyment – Properties being rented seasonally can still be used for a limited period of time. Although this doesn’t apply to business purchases, the purchase of a business can be a refreshing change of pace for someone that has been in the same industry for decades.

No matter what the case, every agent should take the shot by asking all contacts;

“Have you ever considered buying a business, or purchasing more property in Florida?”

This question alone could generate several more closings and have a very positive impact on your year-end income.